Citi Bank disallows use of cards for cryptocurrency purchase in India

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Citi has banned use of its Visa or Mastercards for buy of bitcoins or any such digital currency. Citi is the main multinational bank among the best five card providers in India.

“Given concerns, both globally and locally including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with bitcoins, cryptocurrencies and virtual currencies, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies,” the bank said in a communication to all cardholders.

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